Post Covid-19:Increasing In Health Conscious Population Is Expected To Boost The Growth Of The Global Vitamin D Market During The Forecast Period
Global Vitamin D Market: Key Highlights
- The Global Vitamin D Market is estimated to reach USD 1.8 Billion by 2027 at a CAGR of 7.2% during the review period
- The global Vitamin D market is segmented by type, application, and end-users channel
- Based on application the market is segmented by pharmaceuticals, functional food & beverages, personal care, feed & pet food, and others. pharmaceuticals segment accounted for the major market share and expected to grow at the fastest growth rate
- On the bases of the region, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- Asia-Pacific accounted for a large share aimed to the presence of major manufacturers, increasing adoption of technological advancement, and among others
Global Vitamin D Market: Key Market Dynamics
- Vitamin D deficiency led to the occurrence of various diseases such as cancer, diabetes, fatigue syndrome, and others have resulted in increasing demand for vitamin D to overcome the deficiencies
- Increasing consumer preference for fortified foods has expected to propel the demand for vitamin D further boosting the market growth
- Further, increasing awareness regarding bone & joint health is affecting the growth of the market positively
- However, regulatory standards imposed by various governing agents such as FDA (Food and Drug Administration), and others in order to prevent undesirable vitamin D toxicity is hindering the growth of the market
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Global Vitamin D Market: Regional Overview
- North America:
- North America region is further divided into the US, Canada, and Mexico. Globally, North America accounted for the major market share.
- The increasing prevalence of diseases has played a major role in developing a large market share. According to Mercy Medical Center, about 42% of the U.S. population is vitamin D deficient.
- This has resulted in increasing consumer preference towards fortified food, and dietary supplements to meet the nutritional requirements and maintain a healthy life.
- According to the Institute of Food Technologists (IFT), the U.S. sales of fortified food reached USD 63 billion as of February 2020. Additionally, 77% of U.S. adults used dietary supplements in 2019.
- Increasing health conscious populations is further influencing the growth of the vitamin D market
- Asia Pacific
- Asia Pacific region is segmented into five major countries including China, Japan, India, Australia, South Korea, and Rest of Asia Pacific
- Asia Pacific region is expected to grow at the fastest growth rate owing to rapid growth in pharmaceutical, functional food, and feed industries in developing countries
- China has the highest potential for fortified food followed by Indonesia, Japan, Hong Kong, India, Vietnam, Saudi Arabia, Mexico, Malaysia, and Brazil
- According to the Government of Canada, retail sales of fortified / functional packaged food was USD 83,917.9 million in 2020, and sales of fortified / functional beverage were USD 28,267.1 million in 2020
Global Vitamin D Market: Key Players
Some of the key players operating in the market include ADM, BASF SE, Bio-Tech Pharmacal, Dishman Group, Divi’s Nutraceuticals, DSM, Fermenta Biotech Ltd, Glanbia plc, Nestlé, Pfizer Inc., Synthesia a.s., Zhejiang Garden Biochemical High-Tech Co., Ltd and among others.
Global Vitamin D Market: Key Developments
- In July 2020, Sativa Group PLC launched new cannabidiol (CBD) and Vitamin D product range in its wellness brand Goodbody. This launch will help the company to strengthen brand positioning.
- In April 2020, MOJU LTD has launched a plant-based vitamin D shot, sourced from seaweed combined with orange and fresh-pressed ginger root and turmeric root. This launch will help to fight the U.K vitamin D deficiency problem
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